2020 was a year of dramatic developments in the US, with the Covid-19 epidemic claiming over half a million lives and causing large scale economic and political disruption.
Incoming President Joe Biden has already signalled a significant shift in economic policy, with a large-scale stimulus package. Biden’s decision to re-join the Paris Accord on Climate Change is also likely to lead to more focus on energy efficiency, where buildings have a big role to play.
The fall in the US BACS market was less severe than the global average. However, this was partly the result of a “delayed reaction” with many ongoing construction projects continued.
BSRIA’s current forecast is that the US market will decline by a similar amount in 2021 before starting to recover in 2022, with more “normal” growth from 2023 onwards. It is possible that Biden’s stimulus measures, if agreed and implemented in full, might filter through to the BACS market, and boost growth. However, the nature of project timescales means this will take time.